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SIGNATURE MICHAEL F. FASCIANO
TITLE PRESIDENT
<TABLE> <S> <C>
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<CIK> 0000818459
<NAME> FASCIANO FUND, INC
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</TABLE>
To the Shareholders and
Board of Directors of
Fasciano Fund, Inc.:
In planning and performing our audit of the financial statements of
FASCIANO FUND, INC. for the year ended June 30, 1997, we
considered its internal control structure, including procedures for
safeguarding securities, in order to determine our auditing procedures
for the purpose of expressing our opinion on the financial statements
and to comply with the requirements of Form N-SAR, and not to provide
assurance on the internal control structure.
The management of Fasciano Fund, Inc. is responsible for establishing
and maintaining an internal control structure. In fulfilling this
responsibility, estimates and judgments by management are required to
assess the expected benefits and related costs of internal control
structure policies and procedures. The objectives of an internal control
structure are to provide management with reasonable, but no absolute,
assurance that assets are safeguarded against loss from unauthorized use
or disposition and that transactions are executed in accordance with
management's authorization and recorded properly to permit preparation
of financial statements in conformity with generally accepted accounting
principles.
Because of inherent limitations in any internal control structure, errors
or irregularities may occur and not be detected. Also, projection of any
evaluation of the structure to future periods is subject to the risk that it
may become inadequate because of changes in conditions or that the
effectiveness of the design and operation may deteriorate.
Our consideration of the internal control structure would not necessarily
disclose all matters in the internal control structure that might be
material weaknesses under standards established by the American
Institute of Certified Public Accountants. A material weakness is a
condition in which the design or operation of the specific internal
control structure elements does not reduce to a relatively low level the
risk that errors or irregularities in amounts that would be material in
relation to the financial statements being audited may occur and not be
detected within a timely period by employees in the normal course of
performing their assigned functions. However, we noted no matters
involving the internal control structure, including procedures for
safeguarding securities, that we consider to be material weaknesses as
defined above as of June 30, 1997.
Our opinion recognizes that it is not practicable in an organization the
size of Fasciano Fund, Inc. to achieve all the divisions of duties and
cross-checks generally included in a system of internal accounting
control and that, alternatively, greater reliance must be placed on
surveillance by management.
This report is intended solely for the information and use of
management and the Security and Exchange Commission.
Chicago, Illinois
August 15, 1997
